Jean Anderson – Managing Director - J.P. Morgan Sean ... · Orange County 3.9% Denver 4.0%...
Transcript of Jean Anderson – Managing Director - J.P. Morgan Sean ... · Orange County 3.9% Denver 4.0%...
MARKETS AROUND the COUNTRY
Jean Anderson – Managing Director - J.P. MorganSean Breslin – Executive Vice President - AvalonBay CommunitiesWes Fuller – Managing Director - GreystarEdward Pettinella – President and CEO - Home Properties
Moderator: Hessam NadjiManaging Director – Institutional Property Advisors (A Marcus & Millichap Company)
Apartment Vacancy Change from 2009Rank by Metro
Top 15Metros
2011*Vacancy
Bps. Chg.(2009)
Austin 5.0% -510
Jacksonville 9.5% -490
Charlotte 6.6% -470
Phoenix 7.6% -470
Dallas-Ft. Worth 6.6% -440
Tampa 6.3% -440
Orlando 7.1% -410
Tucson 8.2% -400
Indianapolis 6.2% -390
Portland 3.1% -380
Denver 4.3% -370
Houston 8.8% -350
Atlanta 8.3% -340
Las Vegas 7.8% -340
Fort Lauderdale 5.4% -320
U.S. Average 5.4% -260
Bottom 15Metros
2011*Vacancy
Bps. Chg.(2009)
Sacramento 5.2% -210
Salt Lake City 5.1% -210
San Jose 3.0% -210
Chicago 4.7% -200
Washington, D.C. 4.4% -190
Oakland-East Bay 4.0% -180
San Diego 3.2% -170
Columbus 7.6% -160
San Francisco 3.4% -140
Los Angeles 4.0% -130
Miami 4.9% -120
Milwaukee 4.0% -110
New Jersey 3.8% -110
New Haven-F.C. 4.0% -60
New York 2.4% -50
U.S. Average 5.4% -260
* Preliminary EstimateSources: Marcus & Millichap Research Services, Reis
Regional Apartment Vacancy Trends2011
Note: Basis point change represents change in vacancy from 2010Sources: Marcus & Millichap Research Services, REIS
Southeast6.3%
-120 bps
Northeast3.7%
-100 bpsMidwest5.2%
-120 bpsMountain
6.6%-160 bps
Pacific4.0%
-100 bps
Southwest7.2%
-190 bps
2011 Apartment Vacancy Change Rank by Metro
Top 15Metros
2011Vacancy
YOY Chg.Bps.
Phoenix 7.6% -210
Austin 5.0% -200
Houston 8.8% -200
Tucson 8.2% -200
Charlotte 6.6% -180
Indianapolis 6.2% -180
Kansas City 6.2% -180
Dallas-Ft. Worth 6.6% -170
Tampa 6.3% -160
Atlanta 8.3% -150
Jacksonville 9.5% -150
Orlando 7.1% -150
Portland 3.1% -140
Salt Lake City 5.1% -140
San Antonio 7.0% -140
U.S. Average 5.4% -120
Bottom 15Metros
2011Vacancy
YOY Chg.Bps.
Sacramento 5.2% -100
Los Angeles 4.0% -90
New Jersey 3.8% -90
San Francisco 3.4% -90
Chicago 4.7% -90
Cleveland 4.7% -90
St. Louis 6.7% -90
Louisville 4.5% -80
Miami 4.9% -80
San Jose 3.0% -80
New York 2.4% -70
Washington, D.C. 4.4% -70
Palm Beach 6.9% -60
Milwaukee 4.0% -50
Oakland-East Bay 4.0% -50
U.S. Average 5.4% -120
Sources: Marcus & Millichap Research Services, Reis
2012 National Apartment ForecastVacancy Rank by Metro
Top 15Metros
2012*Vacancy
New York 2.3%
Portland 2.7%
Minneapolis 2.8%
San Jose 2.8%
San Francisco 3.1%
New Jersey 3.4%
Oakland-East Bay 3.4%
San Diego 3.4%
Boston 3.5%
Los Angeles 3.5%
New Haven-F.C. 3.7%
Milwaukee 3.8%
Orange County 3.9%
Denver 4.0%
Seattle-Tacoma 4.0%
U.S. Average 5.0%
Bottom 15Metros
2012*Vacancy
Tampa 5.8%
Dallas-Ft. Worth 6.0%
Indianapolis 6.0%
St. Louis 6.3%
Charlotte 6.4%
Palm Beach 6.4%
San Antonio 6.4%
Orlando 6.8%
Columbus 7.0%
Las Vegas 7.0%
Phoenix 7.0%
Tucson 7.5%
Atlanta 7.9%
Houston 8.0%
Jacksonville 8.8%
U.S. Average 5.0%
* ForecastSources: Marcus & Millichap Research Services, Reis
Panel Response and Discussion
U.S. Apartment Absorption by Class
-100
-50
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100
150
200
00 01 02 03 04 05 06 07 08 09 10 11*
Class A Class B/C
Num
ber o
f Uni
ts (0
00s)
* Trailing 12-month period through 3QSources: Marcus & Millichap Research Services, Reis
$50
$75
$100
$125
$150
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
$1M-$10M $10M-$20M $20M+
Med
ian
$/U
nit (
Ths.
)Apartment Pricing Trends by Tranche
Median $/Unit
Sales $1 million and greaterSources: Marcus & Millichap Research Services, Costar Group, Inc., Real Capital Analytics
4%
5%
6%
7%
8%
9%
2004
2005
2006
2007
2008
2009
2010
2011
Primary Secondary Tertiary Preferred
Aver
age
Cap
Rat
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Sales of $5 million and greaterPreferred Markets Include: NY, DC, BOS, SD, LA, OC, SJ, SF, SEASources: Marcus & Millichap Research Services, RCA
Re-pricing of Risk by Quality Reflected in Apartment Cap Rate Trends by Market
U.S. Apartment Cap Rates by Class
4%
5%
6%
7%
8%
9%
00 01 02 03 04 05 06 07 08 09 10 11
Class AClass B/CClass A Preferred Markets
Aver
age
Cap
Rat
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Sales $5 million and greaterAssumes properties less than 10 years old at time of sales to be Class A,properties older than 10 years assumed to be Class B/CPreferred Markets Include: NY, DC, BOS, SD, LA, OC, SJ, SF, SEASources: Marcus & Millichap Research Services, RCA
National Apartment Rank by MetroClass A – Class B/C Vacancy Rate Spread
Top 15Metros
Class A Vac.
Class B/C Vac.
Bps.Spread
Columbus 4.3% 9.5% 520
Atlanta 6.6% 10.4% 380
Jacksonville 7.4% 11.2% 380
Houston 7.6% 10.6% 300
Phoenix 6.5% 9.2% 270
Dallas-Ft. Worth 5.6% 8.0% 240
Tampa 5.4% 7.6% 220
Indianapolis 5.4% 7.3% 190
St. Louis 5.5% 7.4% 190
San Antonio 6.3% 8.1% 180
Charlotte 6.0% 7.7% 170
Tucson 6.0% 7.7% 170
Detroit 4.7% 6.3% 160
Louisville 3.7% 5.3% 160
Cincinnati 4.7% 6.2% 150
U.S. Average 5.3% 5.9% 60
All vacancies as of 3Q 2011Sources: Marcus & Millichap Research Services, Reis
Bottom 15Metros
Class A Vac.
Class B/C Vac.
Bps.Spread
Orange County 4.6% 4.4% -20
Chicago 5.0% 4.8% -20
Denver 5.4% 5.0% -40
San Jose 3.3% 2.9% -40
Washington, D.C. 4.8% 4.4% -40
Minneapolis 3.0% 2.3% -70
Oakland-East Bay 4.5% 3.8% -70
Philadelphia 5.0% 4.2% -80
Salt Lake City 5.8% 4.9% -90
Portland 3.7% 2.8% -90
San Francisco 4.3% 3.1% -120
Boston 5.0% 3.7% -130
Los Angeles 5.1% 3.8% -130
Inland Empire 6.1% 4.8% -130
San Diego 4.6% 2.7% -190
U.S. Average 5.3% 5.9% 60
Panel Response and Discussion
National Apartment Rank by MetroMonthly Payment by Spread
Top 15Metros
Class A Ask. Rent*
Mortgage Pmt. Spread
New York $2,930 $5,754 $2,824
San Francisco $2,221 $3,651 $1,430
San Jose $1,722 $2,986 $1,264
Oakland $1,569 $2,706 $1,137
Orange County $1,737 $2,121 $384
Seattle-Tacoma $1,180 $1,488 $308
San Diego $1,658 $1,925 $267
Portland $968 $1,166 $198
Charlotte $906 $1,087 $181
Denver $1,071 $1,205 $134
Salt Lake City $883 $947 $64
Washington, D.C. $1,674 $1,734 $60
New Jersey $1,587 $1,616 $29
Austin $1,014 $1,017 $3
San Antonio $837 $803 -$34
U.S. Average $1,210 $867 -$343* Through 3Q 2011Monthly mortgage payments based upon 3Q 2011 median home prices, 80% LTV, 4.5% interest rate,30-year loan term, 1.5% taxes and insuranceSources: Marcus & Millichap Research Services, Reis, National Association of Realtors
Bottom 15Metros
Class A Ask. Rent*
Mortgage Pmt. Spread
St. Louis $915 $651 -$264
Las Vegas $913 $645 -$268
Inland Empire $1,181 $910 -$271
Boston $2,153 $1,853 -$300
Fort Lauderdale $1,275 $972 -$303
Orlando $985 $665 -$320
Phoenix $912 $590 -$322
Minneapolis $1,138 $814 -$324
Palm Beach $1,304 $979 -$325
Tampa $992 $650 -$342
Cleveland $912 $559 -$353
Chicago $1,379 $943 -$436
Atlanta $958 $519 -$439
Miami $1,368 $922 -$446
Detroit $1,020 $326 -$694
U.S. Average $1,210 $867 -$343
2012* Apartment Unit CompletionsRank by Metro
Top 15Metros
2012*Completions
2012* Vacancy
New York 6,500 2.3%
Dallas-Ft. Worth 5,500 6.0%
Houston 4,800 8.0%
Washington, D.C. 4,700 4.0%
Austin 3,000 4.3%
Atlanta 2,900 7.9%
New Jersey 2,600 3.4%
Denver 2,500 4.0%
Orange County 2,400 3.9%
Indianapolis 2,200 6.0%
Salt Lake City 1,900 4.8%
Seattle-Tacoma 1,900 4.0%
Minneapolis 1,865 2.8%
San Antonio 1,850 6.4%
Los Angeles 1,680 3.5%
U.S. Metro Total 85,000 5.0%
Bottom 15Metros
2012*Completions
2012* Vacancy
Kansas City 525 5.8%
San Jose 520 2.8%
New Haven-F.C. 518 3.7%
Fort Lauderdale 500 5.1%
Jacksonville 500 8.8%
Oakland-East Bay 500 3.4%
San Francisco 480 3.1%
Charlotte 390 6.4%
Louisville 300 4.1%
Detroit 290 5.0%
Tucson 208 7.5%
Palm Beach 200 6.4%
Portland 130 2.7%
Cleveland 125 4.4%
Sacramento - 5.0%
U.S. Metro Total 85,000 5.0%
* ForecastSources: Marcus & Millichap Research Services, Reis
2011* Apartment Effective Rent Change from 2007Rank by Metro
Top 15Metros
EffectiveRent*
Chg. From 2007
Austin $795 5.4%
Washington, D.C. $1,329 5.1%
Louisville $627 4.8%
Denver $804 3.9%
Boston $1,657 3.4%
San Antonio $668 3.4%
Cincinnati $674 3.2%
Houston $707 3.2%
Seattle $941 3.1%
Philadelphia $993 3.0%
Columbus $634 2.3%
San Diego $1,287 2.1%
Minneapolis $901 2.0%
Kansas City $656 1.9%
Portland $760 1.6%
U.S. Average $975 0.0%
Bottom 15Metros
EffectiveRent*
Chg. From 2007
Tampa $772 -1.4%
Jacksonville $743 -1.7%
Sacramento $854 -2.4%
Detroit $750 -2.7%
Phoenix $692 -2.9%
Orange County $1,442 -3.1%
Palm Beach $1,014 -3.2%
Oakland-East Bay $1,227 -3.3%
Fort Lauderdale $1,018 -3.6%
Los Angeles $1,329 -3.8%
San Jose $1,409 -4.0%
Orlando $784 -4.2%
Miami $1,014 -4.5%
Inland Empire $967 -5.7%
Las Vegas $743 -9.3%
U.S. Average $975 0.0%
* As of 3QSources: Marcus & Millichap Research Services, Reis
Panel Response and Discussion
Submarket Rankings and Examples of Variations Between Metros and Submarkets
Ranking of 846 apartment submarkets across 44 metros based on 2011 vacancy rate
2011 Apartment Submarket Ranking Lowest Vacancy Submarkets Across the U.S.
Top 15Submarkets Market
2011Vacancy
MetroVacancy
Bronx County New York 0.7% 2.4%
Upper East Side New York 1.2% 2.4%
Davis Sacramento 1.2% 5.2%
New Haven Harborside New Haven-F.C. 1.5% 4.0%
El Cajon/Santee/Lakeside San Diego 1.7% 3.2%
Campbell/Los Gatos San Jose 1.7% 3.0%
Lincoln Park Chicago 1.8% 4.7%
North Haven/Wallingford/Meriden New Haven-F.C. 1.8% 4.0%
North Marin San Francisco 1.8% 3.4%
Greenfield/Greendale/Franklin Milwaukee 1.9% 4.0%
Foxchase/Lawndale Philadelphia 1.9% 4.4%
Upper Bucks County Philadelphia 1.9% 4.4%
Balboa Park/West of I-15 San Diego 1.9% 3.2%
Dupont Circle/Adams Morgan Washington, D.C. 1.9% 4.4%
Northeast Minneapolis 2.0% 2.6%
U.S. Average 5.4%
Note: Total 846 submarkets included in the analysis Sources: Marcus & Millichap Research Services, Reis
2011 Apartment Submarket Ranking Highest Vacancy Submarkets Across the U.S.
Bottom 15Submarkets Market
2011Vacancy
MetroVacancy
Southeast Columbus 13.6% 7.6%
I-20 West Atlanta 13.7% 8.3%
East Fort Worth Dallas-Ft. Worth 13.9% 6.6%
Baytown Houston 13.9% 8.8%
Grove City Columbus 14.2% 7.6%
Northwest/441 Orlando 14.2% 7.1%
Heights Houston 14.5% 8.8%
Lake Shore Jacksonville 15.1% 9.5%
South Dallas Dallas-Ft. Worth 15.3% 6.6%
Southwest Kansas City Kansas City 15.4% 6.2%
North Houston Houston 15.6% 8.8%
Southeast San Antonio 15.7% 7.0%
Greater Arlington Jacksonville 15.9% 9.5%
South DeKalb Atlanta 17.8% 8.3%
San Jacinto/Galena Park Houston 18.3% 8.8%
U.S. Average 5.4%
Note: Total 846 submarkets included in the analysis Sources: Marcus & Millichap Research Services, Reis
Highest VacancySubmarkets Low Vacancy Metros
Submarket Vacancy
Metro Vacancy
Bala-Cynwyd Philadelphia 8.6% 4.4%Palmdale/Lancaster Los Angeles 7.0% 4.0%Aurora-Central-Southwest Denver 7.0% 4.3%Placentia/Northeast Anaheim Orange County 6.7% 4.3%City West Milwaukee 6.5% 4.0%North Alameda Oakland-East Bay 5.8% 4.0%Northwest/Downtown Portland 5.6% 3.1%Downtown San Diego San Diego 5.4% 3.2%Washington County Minneapolis 5.0% 2.6%West San Francisco San Francisco 4.9% 3.4%
Highest vacancy submarkets in select low vacancy marketsNote: Total 846 submarkets included in analysisSources: Marcus & Millichap Research Services, Reis
2011 Apartment Submarket RankingHighest Vacancy Submarkets in
Low Vacancy Metros
Lowest VacancySubmarkets High Vacancy Metros
Submarket Vacancy
Metro Vacancy
Ocean Beaches Jacksonville 2.2% 9.5%Olathe/Gardner Kansas City 2.6% 6.2%Spring Valley Las Vegas 3.5% 7.6%University/Downtown Columbus 3.5% 7.8%Brandon/Plant City Tampa 3.8% 6.2%South Scottsdale Phoenix 4.2% 6.2%Sugar Land/Fort Bend County Houston 4.5% 6.7%North Pineville Charlotte 4.5% 8.8%Garland Dallas-Ft. Worth 4.6% 7.6%West Altamonte Springs Orlando 4.9% 7.1%
2011 Apartment Submarket RankingLowest Vacancy Submarkets in
High Vacancy Metros
Lowest vacancy submarkets in select high vacancy marketsNote: Total 846 submarkets included in analysisSources: Marcus & Millichap Research Services, Reis
Panel Response and Discussion
MARKETS AROUND the COUNTRY
Jean Anderson – Managing Director, J.P. MorganSean Breslin – Executive Vice President, AvalonBay CommunitiesWes Fuller – Executive Director, GreystarEdward Pettinella – CEO, Home Properties, Inc.
Moderator: Hessam NadjiManaging Director – Institutional Property Advisors (A Marcus & Millichap Company)
2011 Detroit Apartment Submarket Vacancy Ranking
Top 5Submarkets
2011*Vacancy
YOY Chg.Bps.
Oak Park/Royal Oak 3.1% -90
Ann Arbor 3.4% -150
Westland 3.9% -140
Farmington Hills 4.4% -110
Macomb County 4.4% -100
Metro Average 5.6% -130
Bottom 5Submarkets
2011*Vacancy
YOY Chg.Bps.
Midtown/West Detroit 11.7% -190
Downtown 8.8% -90
Novi/Livonia 7.9% -30
Pontiac/Waterford 6.4% -170
Dearborn/Dearborn Heights 6.2% -170
Metro Average 5.6% -130
*4Q EstimateSources: Marcus & Millichap Research Services, Reis
2011 Houston Apartment Submarket Vacancy Ranking
Top 5Submarkets
2011*Vacancy
YOY Chg.Bps.
Sugar Land/Fort Bend County 4.5% -190
Bellaire/West University 5.1% -200
Katy/Bear Creek 5.5% -210
North Loop East/Sheldon 5.9% -230
Kingwood/Lake Houston 6.4% -320
Metro Average 8.8% -200
Bottom 5Submarkets
2011*Vacancy
YOY Chg.Bps.
San Jacinto/Galena Park 18.3% 330
North Houston 15.6% -370
Heights 14.5% -380
Baytown 13.9% -360
Spring/Champions 13.0% -270
Metro Average 8.8% -200
*4Q EstimateSources: Marcus & Millichap Research Services, Reis
2011 Apartment Unit Completions as Percentage of Total Inventory Rank by Metro
Top 15Metros
Comp. as % of Inventory
2011* Vacancy
Salt Lake City 1.2% 5.1%
Indianapolis 1.1% 6.2%
New Haven-F.C. 1.1% 4.0%
New York 1.1% 2.4%
Columbus 0.9% 7.6%
Kansas City 0.9% 6.2%
Charlotte 0.8% 6.6%
Washington, D.C. 0.6% 4.4%
Palm Beach 0.6% 6.9%
Oakland-East Bay 0.6% 4.0%
Atlanta 0.5% 8.3%
San Antonio 0.5% 7.0%
Las Vegas 0.5% 7.8%
Dallas/Fort Worth 0.5% 6.6%
Seattle-Tacoma 0.5% 4.6%
U.S. Average 0.4% 5.4%
* Preliminary EstimateSources: Marcus & Millichap Research Services, Reis
Bottom 15Metros
Comp. as % of Inventory
2011* Vacancy
Fort Lauderdale 0.2% 5.4%
Inland Empire 0.2% 5.2%
Chicago 0.1% 4.7%
Phoenix 0.1% 7.6%
Jacksonville 0.1% 9.5%
Cleveland 0.1% 4.7%
Sacramento 0.1% 5.2%
Portland 0.1% 3.1%
Tampa-St. Petersburg 0.1% 6.3%
San Francisco 0.1% 3.4%
Philadelphia 0.0% 4.4%
Orange County 0.0% 4.3%
Detroit 0.0% 5.6%
Louisville 0.0% 4.5%
Tucson 0.0% 8.2%
U.S. Average 0.4% 5.4%
2011 Apartment Unit Completions Rank by Metro
Top 15Metros
Total Completions
2011* Vacancy
Dallas-Ft. Worth 2,900 6.6%
Washington, D.C. 2,430 4.4%
Atlanta 2,000 8.3%
Los Angeles 1,870 4.0%
New York 1,755 2.4%
New Jersey 1,527 3.8%
Indianapolis 1,215 6.2%
Columbus 1,154 7.6%
Seattle-Tacoma 1,120 4.6%
Houston 1,100 8.8%
Kansas City 1,027 6.2%
Salt Lake City 992 5.1%
Denver 838 4.3%
Charlotte 825 6.6%
Oakland-East Bay 816 4.0%
U.S. Average 39,000 5.4%
* Preliminary EstimateSources: Marcus & Millichap Research Services, Reis
Bottom 15Metros
Total Completions
2011* Vacancy
Miami 273 4.9%
Milwaukee 239 4.0%
Inland Empire 220 5.2%
Fort Lauderdale 150 5.4%
Cleveland 140 4.7%
Jacksonville 100 9.5%
Sacramento 100 5.2%
Tampa 100 6.3%
Philadelphia 100 4.4%
Orange County 93 4.3%
San Francisco 76 3.4%
Portland 70 3.1%
Detroit - 5.6%
Louisville - 4.5%
Tucson - 8.2%
U.S. Average 39,000 5.4%
Multifamily StartsLast Six Months* Ranked by YOY Percent Change
Top 15Metros
YOY %Chg.**
Total Starts
Phoenix 313% 1,389
Fort Lauderdale 246% 543
Kansas City 212% 817
Inland Empire 206% 827
San Francisco 171% 1,532
Denver 164% 1,750
Cincinnati 118% 425
Palm Beach 115% 228
New Haven-F.C. 110% 418
Philadelphia 99% 1,164
Washington, D.C. 85% 4,318
Sacramento 78% 427
Jacksonville 73% 276
Columbus 71% 781
Houston 70% 3,265
U.S. Average 31% 96,250
* Period from June 2011 to November 2011**Change from June 2010 to November 2010 Period Sources: Marcus & Millichap Research Services, U.S. Census Bureau
Bottom 15Metros
YOY %Chg.**
Total Starts
Salt Lake City 24% 708
Dallas-Fort Worth 15% 4,265
New Jersey 14% 10,343
New York 10% 5,831
Indianapolis 4% 533
Seattle-Tacoma 3% 2,044
Las Vegas 0% 585
San Jose -4% 1,279
Minneapolis -8% 397
Louisville -17% 293
Miami -28% 888
Tucson -29% 159
Charlotte -35% 477
Milwaukee -53% 211
Orlando -61% 355
U.S. Average 31% 96,250
Multifamily StartsLast Six Months* Ranked by Total Starts
Top 15Metros
YOY %Chg.**
Total Starts
New Jersey 14% 10,343
New York 10% 5,831
Washington, D.C. 85% 4,318
Dallas-Fort Worth 15% 4,265
Los Angeles 26% 3,310
Houston 70% 3,265
Austin 33% 2,790
Seattle-Tacoma 3% 2,044
Denver 164% 1,750
San Francisco 171% 1,532
Phoenix 313% 1,389
San Diego 48% 1,387
Boston 66% 1,380
San Antonio 66% 1,342
Tampa-St. Petersburg 24% 1,313
U.S. Average 31% 96,250
Period from June 2011 to November 2011**Change from June 2010 to November 2010 Period Sources: Marcus & Millichap Research Services, U.S. Census Bureau
Bottom 15Metros
YOY %Chg.**
Total Starts
Fort Lauderdale 246% 543
Indianapolis 4% 533
Charlotte -35% 477
Sacramento 78% 427
Cincinnati 118% 425
New Haven-F.C. 110% 418
Minneapolis -8% 397
Orlando -61% 355
Louisville -17% 293
Jacksonville 73% 276
Detroit 41% 240
Palm Beach 115% 228
Milwaukee -53% 211
Tucson -29% 159
Cleveland 69% 85
U.S. Average 31% 96,250
2012* Apartment Unit Completions as Percentage of Total Inventory Rank by Metro
Top 15Metros
Comp. as % of Inventory
2012* Vacancy
New York 3.8% 2.3%
Salt Lake City 2.3% 4.8%
Indianapolis 1.9% 6.0%
Austin 1.8% 4.3%
Denver 1.4% 4.0%
San Antonio 1.2% 6.4%
Cincinnati 1.2% 5.7%
Minneapolis 1.2% 2.8%
Miami 1.2% 4.4%
Washington, D.C. 1.2% 4.0%
Orange County 1.1% 3.9%
New Haven-F.C. 1.1% 3.7%
Houston 1.0% 8.0%
Dallas-Ft. Worth 0.9% 6.0%
Milwaukee 0.9% 3.8%
U.S. Average 0.9% 5.0%
* ForecastSources: Marcus & Millichap Research Services, Reis
Bottom 15Metros
Comp. as % of Inventory
2012* Vacancy
St. Louis 0.5% 6.3%
Inland Empire 0.5% 4.6%
Kansas City 0.4% 5.8%
Charlotte 0.4% 6.4%
Phoenix 0.4% 7.0%
Palm Beach 0.4% 6.4%
Chicago 0.4% 4.2%
Tucson 0.4% 7.5%
San Francisco 0.4% 3.1%
Oakland-East Bay 0.3% 3.4%
Los Angeles 0.2% 3.5%
Detroit 0.1% 5.0%
Portland 0.1% 2.7%
Cleveland 0.1% 4.4%
Sacramento 0.0% 5.0%
U.S. Average 0.9% 5.0%
2011* Apartment Class A Asking Rent Change from 2007Rank by Metro
Top 15Metros
Class A Asking Rent*
Chg. From 2007
Washington, D.C. $1,674 5.7%
Houston $960 5.4%
Louisville $819 5.1%
Portland $968 4.5%
Denver $1,071 3.9%
Philadelphia $1,239 3.8%
Seattle-Tacoma $1,180 3.6%
Austin $1,014 3.6%
Dallas-Ft. Worth $962 3.6%
San Antonio $837 3.1%
Salt Lake City $883 3.0%
Kansas City $821 2.8%
Boston $2,153 2.4%
New Jersey $1,587 2.4%
Chicago $1,379 2.4%
U.S. Average $1,210 1.2%
Bottom 15Metros
Class A Asking Rent*
Chg. From 2007
Detroit $1,020 -1.4%
Palm Beach $1,304 -1.5%
Jacksonville $944 -1.8%
Milwaukee $1,045 -1.8%
San Francisco $2,221 -2.5%
Orlando $985 -2.8%
New Haven-F.C. $1,926 -2.9%
San Jose $1,722 -3.4%
Oakland-East Bay $1,569 -3.5%
Fort Lauderdale $1,275 -3.6%
Orange County $1,737 -3.9%
Miami $1,368 -4.5%
Inland Empire $1,181 -4.5%
Los Angeles $1,804 -5.2%
Las Vegas $913 -5.9%
U.S. Average $1,210 1.2%
* As of 3QSources: Marcus & Millichap Research Services, Reis
U.S. Apartment Vacancy by Class
0%
2%
4%
6%
8%
10%
00 01 02 03 04 05 06 07 08 09 10 11*
Class A Class B/C
Aver
age
Vaca
ncy
Rat
e
* Preliminary EstimateSources: Marcus & Millichap Research Services, Reis
U.S. Apartment Asking Rent Change by Class
-6%
-3%
0%
3%
6%
01 02 03 04 05 06 07 08 09 10 11*
Class A Class B/C
Ask
ing
Ren
t Ann
ual C
hang
e
* Preliminary EstimateSources: Marcus & Millichap Research Services, Reis
* Through NovemberSources: Marcus & Millichap Research Services, U.S. Census Bureau
0
200
400
600
800
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
*
-100%
-50%
0%
50%
100%
Mul
ti-Fa
mily
Hou
sing
Sta
rts
(000
s, S
AA
R)
U.S. Long Term Multifamily StartsY-O
-Y Percent Change